The Mexican oil regulator informed that a new estimate of country’s proven oil and gas reserves that have an over 90% chance of being extracted with the existing technology have dropped in 2015, with crude oil reserves down 21.3% to 7.6b barrels and gas reserves fall 17.3% to 12.7bcf, Reuters wrote.
According to the data provided by the National Hydrocarbons Commission (CNH), proven oil and gas reserves –known as 1P– fell to 10.242bboe as of January 1st, down from just over 13bboe in the previous year.
In addition to the sharp reserves fall, it was also reported that discoveries were modest. The regulator said the discoveries of proven reserves in 2015 amounted to 104m barrels of mostly light crude, and 80.7bcf of gas.
The reduction in estimates came as the state-run oil company, Pemex, cut back on investment due to plunging crude prices. The regulator’s report, however, does not explain the decline or give data for broader estimates such as probable and possible reserves, reported The Wall Street Journal.